BitMEX

BitMEX Review

BitMex Highlights

BitMEX cryptocurrency exchange is a well-established cryptocurrency derivative trading platform that offers advanced trading tools, robust security features, and transparent fees. With spot trading and derivatives trading options, including futures and perpetual contracts to trade Bitcoin, Ethereum, and Litecoin, BitMEX caters to a broad range of trading needs.

In our comprehensive BitMEX review, we’ll present the platform’s most significant features and fees. To discover more platforms, check our list of top crypto exchanges.

What Is BitMex?

BitMEX exchange is a veteran platform in the cryptocurrency derivative trading industry. Since 2014, the platform has been catering to the needs of institutions and professionals who trade Bitcoin, Ethereum, and Litecoin.

The good thing about BitMEX is that it aims to provide a platform that offers lower latency and better liquidity. In addition, the platform is designed for real crypto derivative traders seeking a safe and secure trading environment.

The company assures its customers that their funds are secure and they can access the products and tools required for successful trading.

Moreover, the company provides BitMEX Token. BMEX Tokens are utility tokens on BitMEX.com, improving users’ trading experience and offering benefits such as trading fee discounts, exclusive privileges, and early product access.

Customers can earn and stake BMEX to enjoy these benefits. The maximum supply of BMEX is 450 million tokens, vested over up to 5 years.

How to Open an Account at BitMEX?

Opening an account with BitMEX is a simple and easy process. Following the review, the steps for creating an account are as follows:

Step 1: Click on the Register button in the upper right corner, provide your email address, and create a strong password.

Step 2: Complete the identity verification process, which requires submitting a photo of your ID, a presence capture video or selfie, your location, a declaration of your citizenship, and details on how you will fund your account.

Step 3: Now you can access BitMEX’s trading features and products.
We have to mention in this BitMEX app review that the process is the same if you use a mobile app.

Is BitMEX Safe?

BitMEX cryptocurrency exchange prioritizes the security of customer assets by utilizing a combination of hot and cold wallets, industry-strength cryptography key management, and rigorous operational security measures.

The platform also employs multi-signature wallets for Bitcoin custody, ensuring no private keys are kept on any cloud server.

Additionally, all transfers are protected by transaction rules enforced at a policy level. BitMEX focuses on the segregation of funds that are securely segregated at the account level.

What Are BitMEX Features?

BitMEX exchange offers significant features to cater to traders’ diverse crypto needs. One of its key features is spot trading, but it offers derivatives trading, enabling crypto traders to speculate on the price movements of crypto without owning them.

The user-friendly platform offers advanced tools such as leverage trading, stop loss orders, and more.

Spot Trading

Spot trading is a straightforward way for traders to buy and sell cryptocurrencies at the current market price with immediate settlement. Regarding the review, users can trade Bitcoin, Ethereum, Dogecoin, and other popular cryptocurrencies.
BitMEX’s spot trading platform differs from its derivatives trading, as traders must own the underlying crypto to place a buy or sell order.
Spot trading is ideal for crypto traders who want to purchase tokens or coins immediately without speculating on their price movements. BitMEX’s user-friendly spot trading platform provides a hassle-free trading experience.

Futures Trading

BitMEX cryptocurrency exchange offers futures contracts with cash settlement, allowing traders to buy or sell cryptocurrency (Bitcoin, Litecoin, Ethereum, and others) at a predetermined price at a specified time. These contracts are derivative products in several forms, including inverse, quanto, and linear payouts.

Inverse contracts are unique to BitMEX, as they are quoted as XBT/USD, but their underlying is USD/XBT, and each contract is worth $1 of Bitcoin at any price.
A quanto is a derivative in which the underlying crypto is denominated in one currency, but the instrument is settled in another at a fixed rate.
Linear payouts express the price of a futures contract against the base currency, with the most straightforward linear futures contracts used for many futures.

When trading futures contracts, crypto traders must consider the multiplier, position marking, initial and maintenance margin, settlement, and basis. BitMEX cryptocurrency exchange employs an appropriate price marking method for futures contracts, ensuring accurate pricing and preventing price manipulation.

Settlement procedures may vary from instrument to instrument, and basis refers to the premium or discount the futures contract trades at compared to the underlying spot price.

Perpetual Trading

BitMEX’s perpetual trading offers an innovative product called the perpetual swap, similar to a traditional futures contract, but with a few differences. Unlike futures contracts, perpetual contracts have no expiry or settlement, and they mimic a margin-based spot market, trading close to the underlying reference Index Price.

Regarding the review, each perpetual contract has its details, including the reference index, funding rate, and maximum leverage, which can be found in the contract specifications. In addition, the BitMEX cryptocurrency exchange offers perpetual contracts with inverse, linear, and quanto payouts, providing crypto traders with various options to suit their trading needs.

What Are BitMEX Fees?

BitMEX exchange has a straightforward fee structure across all spot products and derivatives. The platform offers discounted taker and maker fees for high-volume traders based on their 30-day rolling average daily volume (ADV) and current BMEX staking discount. BitMEX fees are designed to be simple and transparent for crypto traders.

The following prices are eligible for spot trading Bitcoin, Ethereum, Litecoin, and other available cryptocurrencies:

BitMEX exchange offers negative maker fees, meaning traders who provide liquidity to a market by executing a maker order receive a rebate instead of being charged a fee.

This fee structure incentivizes crypto traders to provide liquidity to the platform, resulting in better liquidity. Opposing maker fees are a unique feature of BitMEX, contributing to the platform’s overall competitive fee structure.

Regarding the review, the BitMEX fees for derivatives are the following:

As the platform provides perpetuals trading and futures trading, a detailed list of included fees is presented on its website.

Regarding the review of deposits and withdrawals, the platform doesn’t charge fees for Bitcoin and Tether.

BitMEX Customer Support - Which Options Does It Offer?

The platform offers a comprehensive FAQ section covering various topics, helping users troubleshoot common issues. Users can also contact the BitMEX customer support team via email or the platform’s 24/7 live chat support. The support team is knowledgeable and experienced, providing fast and reliable solutions to user queries.

Customer Reviews - What Do Customers Say About BitMEX?

BitMEX exchange has received mostly positive reviews from customers. Traders have praised the customer support team for their prompt and reliable assistance.

However, some customers have expressed concerns about the platform’s complexity, especially for novice traders. Despite this, BitMEX exchange remains popular among experienced traders who appreciate the platform’s advanced trading tool.

Final Thoughts: Is BitMEX Exchange Right for You?

With its advanced trading tools and robust security features, the BitMEX exchange is ideal for traders buying and selling cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. However, novice traders may find the platform’s complexity and steep learning curve challenging.

Whether BitMEX exchange is suitable depends on your trading experience and specific needs. But if you’re an experienced trader looking for a reliable platform, BitMEX is an excellent choice.

FAQ

Is BitMEX legit?

BitMEX is a legitimate exchange platform that has been operating since 2014.

Who owns BitMEX?

HDR Global Trading Limited owns the company, and the BitMEX CEO is Arthur Hayes.

What is the minimum deposit at BitMEX?

The minimum trading amount on BitMEX depends on the specific product and the Initial Margin requirement. For instance, the minimum trading amount for XBTUSD is $1 multiplied by 1% of the initial margin, resulting in a value of $0.01.

Is there a withdrawal fee on BitMEX?

As we discovered for this BitMEX review, the platform doesn’t charge additional withdrawal fees.